The Bank of Canada kept its monetary policy unchanged at its meeting yesterday, Wednesday, the ninth of June, and kept interest rates unchanged at the current levels of 0.25%, as was expected. The Bank also maintained the current quantitative easing program which is continuing at a pace of C$3 billion per week. The statement issued by the Bank indicated that global economic activity is witnessing a remarkable improvement with the increase in vaccines and the decline in cases of the Corona virus in many countries, which reflects a significant rise in commodity prices, especially oil, and that inflation rates are stable between 1-3% levels affected by some temporary factors such as high prices Gasoline However, inflation is expected to decline at the end of the year. The Bank has committed to maintaining low interest rates until the economic recession is absorbed, the 2% inflation target is achieved sustainably and employment levels improve. The Bank expects this to happen in the second half of next year. The Canadian dollar is trading at 1.2109 levels against the US dollar, after testing 1.2058 levels before the statement.
07/11/2024
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